RAMP

Wow what a ramp up in the markets. commodities especially with a 5.7% gain on Oil. this is end of quarter stuff especially in front of the July 4 holidays which usually is a bullish few days.

JPM Losses from AP

Spoke about this that the $2Billion will be around 3-4 times in the end read below!! Shares of JPMorgan Chase & Co. tumbled Thursday as a published report said that the bank's losses on a bad trade may reach as much as $9 billion — far higher than the estimated $2 billion loss disclosed last month. In May, JPMorgan said the loss came from trading in credit derivatives designed to hedge against financial risk, not to make a profit for the New York bank. The New York Times, citing sources it did not identify by name, said that the losses have grown recently as JPMorgan has been unwinding its positions. The newspaper said its sources were current and former traders and executives at JPMorgan, which is the largest bank in the U.S. by assets. The New York Times story cites an internal report that JPMorgan made in April that showed the losses could reach $8 billion to $9 billion, in a worst-case scenario. But the newspaper added that because JPMorgan has already been unwinding its positions, some expect that the losses will not be more than $6 billion to $7 billion. A JPMorgan representative declined to comment. At the time of the loss, JPMorgan CEO Jamie Dimon apologized to shareholders. And just days after the loss was disclosed, Chief Investment Officer Ina Drew left the company. Drew oversaw the trading group responsible for the trade. JPMorgan has lost about $23 billion in market value since the losses came to light on May 10. The loss has heightened concerns that the biggest banks still pose risks to the U.S. financial system, less than four years after the financial crisis in the fall of 2008. In a hearing before the House Financial Services Committee last week, Dimon was dismissive when asked if JPMorgan's losses could total half a trillion or a trillion dollars. He replied bluntly: "Not unless the Earth is hit by the moon." While Dimon avoided putting an exact number on the bank's trading loss, he did say that JPMorgan will have a solidly profitable quarter. JPMorgan plans to give more details related to its losses when it reports second-quarter earnings on July 13..

Health care Law

Another "does it really matter" Law in my opinion. A lot of BLAH BLAH. Only good news here is for the hospitals I have no idea about about hospital stocks but these should get some bidding on them off this news.

AAPL weak

AAPL below its 50 MA- not a good sign for sure

Crazy

Crazy we are trading @ the 1306 all day (sept based. we got 10 points lower for some real support @ 1295 which is 200MA but this 1305/6 area holding for the moment. Nothing much going on with the fluid news out of Eurozone and some big name investors talking about US markets will get his if they dont sort out Greece in days!

Levl to watch

Support should be at 1306 but the all important 200MA is 1295

I saw this coming!!

Moody's downgrade Banks: LONDON/CHARLOTTE, North Carolina (Reuters) - Ratings agency Moody's downgraded many of the world's biggest banks on Thursday, lowering credit ratings of 15 companies by one to three notches. Morgan Stanley, one of the most closely watched firms, had its long-term debt rating lowered by just two notches, one level less than had been expected, and its stock rose in after-hours trading. The downgrade left Morgan Stanley more highly rated than Bank of America Corp and Citigroup but a step below Goldman Sachs Group . Credit Suisse , which last week was warned about weak capital levels by Switzerland's central bank, was the only bank in the group to suffer a three-notch downgrade. But its new A1 deposit and senior debt ratings, however, rank higher than many of its peers. Financial markets have been bracing for the credit rating actions since February, when Moody's Investors Service said it had launched a review of 17 banks with global capital markets operations. These companies face diminished profitability and growth prospects due to difficult operating conditions, increased regulation and other factors, Moody's said. The long-term debt ratings cuts could increase funding costs for Morgan Stanley and other banks, and trading partners may ask for more collateral. But the impact could be muted since the changes were in-line with indications given by Moody's in February on how much the rates were likely to be cut. "The biggest surprise is the three-notch downgrade of Credit Suisse, which no one was looking for," said Mark Grant, managing director at Southwest Securities Inc. "In fact, it was Morgan Stanley that was supposed to be downgraded by that amount and Morgan received only two notches of cuts." In a statement, Morgan Stanley said its ratings "still do not fully reflect the key strategic actions we have taken in recent years," adding: "With our de-risked balance sheet, stable sources of funding, diverse business mix and strong leadership team, we are well positioned to deliver for clients and shareholders." Citigroup also reacted sharply, saying it "strongly disagrees with Moody's analysis of the banking industry and firmly believes its downgrade of Citi is arbitrary and completely unwarranted." Royal Bank of Scotland said the ratings change was "backward-looking and does not give adequate credit for the substantial improvements the Group has made to its balance sheet, funding and risk profile" but called the action manageable. Bank stocks fell on Thursday as investors prepared for an announcement, which leaked to the market as Moody's informed banks that it was coming, according to sources. Morgan Stanley shares declined nearly 1.7 percent to $13.96, while Bank of America shares fell nearly 4 percent to $7.82. The KBW Banks Index <.BKX> was down 2.3 percent. But after suffering only a two-notch cut, instead of three as anticipated, Morgan Stanley shares rose about 3 percent in after-hours trade. In addition to Morgan Stanley, downgraded by two notches were Barclays , BNP Paribas , Royal Bank of Canada , Citigroup, Goldman Sachs Group, JPMorgan Chase , Credit Agricole , Deutsche Bank , and UBS . Falling one notch were Bank of America, HSBC Holdings , Royal Bank of Scotland and Societe Generale . Nomura <8604.T> and Macquarie were included in an original list of global banks, but have already been downgraded. Moody's acknowledged that the lowest-ranked banks have been making changes to improve their profits, but said it is taking a wait-and-see attitude. "These transformations are ongoing and their success has yet to be tested," Moody's said in its announcement. Banks Moody's put in this group were Bank of America, Citigroup, Morgan Stanley and Royal Bank of Scotland. (Reporting by Steve Slater, Matt Scuffham and Rick Rothacker; additional reporting by Ben Berkowitz, Jed Horowitz, Lauren Tara LaCapra and David Henry; Editing by Alwyn Scott, Elaine Hardcastle and Carol Bishopric)